30 Economics Possible/Likely JAMB 2017 Questions – Last set paper

2017 JAMB ECONOMICS LIKELY/POSSIBLE
QUESTIONS AND ANSWERS FOR STUDENTS
1.Government’s involvement in agricultural business
in Nigeria is most manifested in the
a. formation of farmer’s cooperative society
b. establishment of farm settlements in each state of
the federation
c. procurement and distribution of fertilizers
d. establishment of credit guarantee schemes for
small-scale farmers
2. The European union was formed to
a. assist countries to achieve their economic goals
b. promote free trade within member nations
c. finance development projects in member nations
d. promote economic integration in non-member
countries
3. A black market can occur when
a. prices are set by government below the equilibrium
b. supply in excess demand
c. consumption of the commodity is restricted
d. prices are set by government above the equilibrium
4. In a textile factory, the cost of cotton used is a
typical example of
a. total cost
b. a variable cost
c. an average cost
d. a fixed cost
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5. Given a base year and price index of 175% the
following year Which of the following will arise.
a. the value of money falls by 75%
b. the value of money rise by 75%
c. the cost of living decrease in that year
d. the cost leaving remains unchanged
6. The choice of how to produce in a command
economy is determined by
a. labour uniouns
b. industrialists
c. government
d. consumers
7. An inflation that co-exists with high rate of
unemployment is
a. cost-push inflation
b. demand-pull inflation
c. hyperinflation
d. stagflation
8. Given that Qd =40-2p and Qs=6p+24, Calculate the
equilibrium price.
a. #16
b.#36
c.#4
d.#2
9. One of the characteristics of a monopolist is that, he
can influence?
A. price or quantity
b. both price and quantity
c. quantity produced by other producers
d. prices charged by other producers
10. The main objective of WTO is to
a. assist developing countries to execute
developmental project
b. assist countries with chronic balance of payments
problem
c. ensure adequate protection for infant industry
d. provide a mechanism for tariff reduction.
11. A monopolist can bloat revenue by
a. reducing price
b. increasing price
c. adjusting both price and output upward
d. reducing total output to march the price
12. A perfect competitor will continue to expand
output up to the point where?
a. MC>MR
b. MC
c. TC>TR
d. MR=AR
13. If the importation of a commodity is limited to a
definite quantity, the trade control measure imposed
is?
a. tariff
b. quotas
c. excise duties
d. import duties
14. The best measure of dispersion to determine the
tallest tree in a forest is
a. mean deviation
b. standard deviation
c. range
d. variance
15.Firms embark on vertical integration inorder to?
a. enjoy economies of large scale productions
b. reduce advertisement and marketing cost
c. takeover markets formally controlled by other firms
d. prevent other firm from entry the market.
16. A change in demand for a normal good implies
that, there is a?
a. change in the price elasticity of demand
b. movement along a given demand curve
c. change in the quantity demanded as price change
d. shift in the demand curve.
17. Given the supply function P=1/4 [Qs+10] and
P=#10. What is Qs?
a. 30
b.50
c.20
d.15
18. Short terms loans for investment are usually
obtained through the
a. capital market
b. money market
c. stock market
d. development bank
19. The major determination of a floating exchange
rate is
a. the forces of demand and supply
b. the system of government
c. the highest denomination of a currency
d. an act of the parliament.
20. If MPC=2/3 and investments is #100 million. The
level of national income is
a. #100 million
b. #10 million
c. #303 million
d. #300 million
21. The voting power in co-operative societies is
vested on?
a. the management
b. member with loan
c. the shareholders
d. members with the highest contribution.
22. A major obstacle for the development of Nigerian
economy is
a. low capital formation
b. rural-urban migration
c. over dependence on oil
d. poor developmental policies
23. An advantage of large-scale farming over peasant
farming is in the area of?
a. providing research and massive employment of
labour
b. re-distribution mational income to various regions of
the country
c. encouraging the use of traditional implements
d. encouraging urban rural migration.
24. An accurate population census is important inorder
to?
a. produce more food for growing population
b. provide employment oppurtunities for the people
c. estimate a countrys’s per capita income
d. fast tract industrial development.
25. An important role of agriculture in Nigeria’s
economy development is the
a. processing of raw materials for industries
b. regulation of price system
c. provision of infratruction
d. provision of employment
26. If a 10% rise in price causes a 5% decrease in the
quantity demanded of a commodity, the elasticity of
demand is
a. unitary elastic
b. zero elastic
c. elastic
d. inelastic
27. Rent and administrative expenses are example of
a. average fixed cost
b. average variable cost
c. fixed cost
d. variable cost
28. When price is set below equilibrium this will lead
to
a. an increase in the quantity supplied
b. a new equilibrium
c. a decrease in the quantity supplied
d. a fall in price
29. Given that FC=N500, and Q=50 units, find the
average cost of the product.
a. N30
B. N40
C. N10
D. 20
30. Which of the following can be used to measure the
Gross National Production in an open economy ?
A. c+I+G+[X+]
B. C+I+G+X
C. C+I+G
D. C+I+G+[X-M]

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16 thoughts on “30 Economics Possible/Likely JAMB 2017 Questions – Last set paper

  1. OBJECTIVE

    1. The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units. Over this price range, the demand curve is
    A. fairly inelastic
    B. fairly elastic
    C. perfectly inelastic
    D. perfectly elastic

    2. In economis analysis, a statement is said to be normalize if, it
    A. can be tested scientifically
    B. relates to value judgment
    C. is contradictory
    D. is incorrect

    3. Utility is the satisfaction derived from
    A. production
    B. distribution
    C. consumption
    D. demand

    4. If there is an increase in demand without a corresponding increase in supply, there will be
    A. fall in price
    B. rise in price
    C. shift in supply curve to the right
    D. shift in demand curve to the left

    Use the production possibility curve of a country represented in the diagram below to answer questions 5 and 6

    5. An improvement in technology will enable the country to produce at
    A. V B. W C. X D. Z

    6. If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
    A. v
    B. W
    C. X
    D. Z

    7. In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
    A 3y and 3x
    B. 6y and 4x
    C. 3y and 6x
    D. 5y and 5x

    8. When two variables are positively related, the graph of the relationship
    A. is a straight line
    B. is a downward-sloping curve
    C. is an upward sloping curve
    D. has a negative intercept

    9. For an inferior good, a decrease in real income lead to
    A. an outward shift of the demand curve
    B. an inward shift of the demand curve
    C a lowed equilibrium price
    D. a change in quantity demanded

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  2. 10. In a planned economy the emphasis is on
    A. individual choice and decisions
    B. public ownership and control
    C. private ownership and control
    D. prices and competition

    11. Price elasticity of supply is a ratio of the change in
    A. quantity supplied to the c change in demand
    B. original quantity to a change in new quantity
    C. quantity supplied to the change in price
    D. price to the change in quantity supplied.

    12. the long-run average cost curve is called a planning curve because it shows what happens to costs when.
    A. variable inputs are increased
    B. fixed factors are increased
    C. different sizes of plants are built
    D. a bigger size of plants is built

    13. Imperfect market is characterized by
    A. many buyers and few sellers
    B. a large number of buyers and sellers
    C. non-preferential treatment
    D. perfect mobility of factors of production

    14. Short-run period in production is a period for a firm to be able to change its
    A. variable inputs
    B. total outputs
    C. total revenue
    D. scale of operation

    Use the table below to answer questions 15 and 16

    Output Produced
    per day (unit)

    Fixed Cost
    per day (N)

    Total Cost
    per day (N)

    20 60 100
    30 60 120
    40 60 130
    50 60 135
    60 60 150
    70 60 170
    80 60 190
    15. The ATC at 30 units of output is
    A. 120.000
    B.N60.00
    C.N40.00
    D.N3.00

    16. At 60 units of output, the AVC is
    A. N150.00
    B. N90.00
    C.N2.50
    D.N1.50

    17. If the demand curve facing a frim is sharply downward sloping, the firm is likely to be
    A. a perfect competitor
    B. a monopolistic competitor as it can have a limited influence as it can have a limited influence on price
    C. an oligopolist as it can collude with other firms to have some influence on price

    18. A normal supply curve is usually positively sloped
    A. because the relationship between
    B. supply and price is negative
    C. price and demand is negative
    D. price and supply is positive

    19. The best method of production in an under-populated country is
    A. labour-extensive
    B. land-intensive
    C. capital-intensive
    D. labour-intensive

    20. Insurance companies, pension and provident funds and unit trusts are all examples of
    A government financial agencies
    B. non-govenmental organizations
    C. non-bank financial institutions
    D. rural-based revenue mobilisers

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  3. 21. For a firm, value added can be defined as the difference between the
    A. value of its output and the cost of production
    B. total revenue and total cost
    C. input prices and product prices
    D. value of its output and inputs purchased from other firms

    22. Securities are described as listed when they are:
    A. bought and sold purely for development purposes
    B. mobilized as short-term debt instruments
    C. Mobilized as long-term debt instrument
    D. Traded on a recognized stock market

    23. The commercial banks differ from non-bank financial institutions because they
    A. accept deposits withdrawable by cheque
    B. mobilize savings
    C. invest surplus plus
    D. contribute to economic development

    24. Inflation that is usually associated with periods of trade boom is
    A. cost-push inflation
    B. demand-pull inflation
    C. creeping inflation
    D. stagnation

    25. The term “Near Money” is best described as
    A. a financial assets that is convertible to cash
    B. a financial instrument that is readily convertible to cash
    C. government financial instrument that is convertible to cash
    D. time deposits with low interest rates

    26. The distinguishing characteristic between the money market and the capital market lies in whether the
    A. finds mobilized are private or public
    B. securities are primary or secondary
    C. debt instruments provided are long-term or short-term
    D. securities are in debentures of ordinary shares.

    27. If Nigeria’s composite price index in 1999 was 140.03% and 144.05% in 2000, the rate of inflation in 2000 was
    A. 4.02% B. 2.10% C. 2.06% D. 1.03%

    28. The monetary control instrument most effectively used by the Central Bank of Nigeria is the
    A. discount rate
    B. reserve ration
    C. margin requirements
    D. open market operations

    29. The major objectives of a revenue allocation formula in a country is to
    A. share revenue between the public and private sectors
    B. ensure the financial viability of the country
    C. share revenue between the different tiers of government
    D. divert revenue from areas of surplus to areas of need

    30. The effectiveness of devaluation as a solution to a balance of payments problems depends on the
    A. relative elasticities of demand
    B. foreign investments of business
    C. value of visible and invisible goods
    D. value of invisible items of both domestic and foreign trades

    31. IBRD as an international monetary institution is concerned with the
    A. balance of payments problems of member nations
    B. financing of private business in member nations
    C. development of infrastucture in member nations
    D. improvement of trade among member nation

    32. An advantage of the sole proprietorship over the partnership form of business organization is that
    A. it enjoys limited liability for debt in the event of failure
    B. Its existence is limited bty an individual’s life span
    C. It relies on the decision of friends to succeed
    D. The possibility of conflict is management in virtually non-existent

    33. The distinction between capital and recurrent expenditure lies in the
    A. amount of expenditure involved
    B. source of the revenue generated
    C. nature of the goods and services to be provided
    D. time frame of the expenditure

    34. Under a floating exchange rate regime, the determinant of the exchange rate is
    A. the system of government
    B. demand for and supply of foreign goods
    C. the highest denomination of the currency an act of the national assembly

    35. To compare the standard of living among nations, the most widely used economic indicator is the
    A. per capital nominal income
    B. real domestic output
    C. real gross national income
    D. real per capital income

    36. Statutory organisations usually established by Acts of parliament are called
    A. public enterprises
    B. public corporations
    C. cooperative societies
    D. joint-stock companies

    37. A greater burden of the taxes on essential goods is borne by the
    A. higher income group
    B. newly recruitment workers
    C. lower income group
    D. contract workers

    38. Privatization and commercialization of public enterprises in Nigeria is necessitated by
    A. the IMF conditions
    B. the IBRD conditions
    C. the government’s loss of interest in them
    D. their operational inefficiency

    39. The theory of comparative advantage states that a commodity should be produced in that nation where the
    A. absolute cost is least
    B. absolute money cost is least
    C. opportunity cost is least
    D. production possibility curve increases

    40. The effect of an increase in the personal income tax is to
    A. raises the absolute price level
    B. distort the economy
    C. reduce unemployment
    D. reduce the disposable income

    41. An important factor hindering the rapid development of the industrial sector in Nigeria.
    A. excessive demand for finished products
    B. the dominance of the oil sector
    C. rural-urban migration
    D. inadequate infrastructure facilities

    42. The demand for labour is an example of
    A. competitive demand
    B. derived demand
    C. composite demand
    D. joint demand

    43. The major role of multi-national companies in the petroleum industry in Nigeria is
    A. oil prospecting only
    B. oil marketing only
    C. the establishment of refineries
    D. oil marketing prospecting

    44. Fixing the prices of agricultural products can be a problem because of the
    A. unpredictable output of farmers
    B. instability of government policies
    C. activities of marketing boards
    D. size of agricultural exports

    45. Occupational mobility as applied to factors of production means the case by which
    A. factors can be transferred from one place to another
    B. factors can be transferred from one form move use to another
    C. resources can be transferred from one place to another
    D. resources can be transformed from one form to another

    46. The labour force of a country can be determine by xamining the
    A. Sex distribution of the population
    B. Occupations distribution of the population
    C. age structure of the population
    D. geographical distribution of the population

    47. Two basis features common to an industry are
    A. similarity of products and production processes
    B. similarity of products and source of raw materials
    C. production processes and source of capital
    D. source of capital and labour supply

    48. A country is said to be over populated when
    A. there are too many able-bodied men and women in the country
    B. the resources are more than enough to cater for the population
    C. the size of the population is greater than the annual budget
    D. the resources are inadequate to cater for the population

    49. When a union is composed of workers with same
    skill, it is called
    A. an industrial union
    B. a workers’ union
    C. a craft iunion
    D. a technical union

    50. An adverse environmental impact of the petroleum industry on the economy is
    A. the vandalisation of oil equipment
    B. oil spillage
    C. communal riots

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